Human Resource Cost Management NEWS FOR IMMEDIATE RELEASE Contact: Brent Bannerman Michael DiLorenzo IE-Engine fama PR (781) 697-2880 (617) 758-4143 firstname.lastname@example.org IE@famapr.com IE-ENGINE LOWERS COST OF DOING BUSINESS FOR HEALTHCARE AND HR SERVICES VENDORS WITH LAUNCH OF RESPONSE ASSISTANT NEW DESKTOP TOOL AUTOMATES WORKFLOW AND RESPONSES, ENABLES SUPPLIERS WITH A TURNKEY APPLICATION FOR RESPONDING TO RFP AND RFI QUESTIONNAIRES Waltham, Mass. April 28, 2003 IE-Engine (www.IE-Engine.com) a leading developer of Human Resource Cost Management (HRCM) software for Global 1000 companies, today continues its commitment to lowering the cost of supplying healthcare, employee benefits and HR services with the launch of Response Assistant. The Response Assistant is supplier-enabling technology designed to reduce the overhead vendors incur when responding to requests-for-information (RFIs) or requests-for- proposals (RFPs), lowering the cost of services they provide to customers. Knowledge shared through IE-Engine’s Vendor Advisory Board, made up of five regional and national insurance carriers, ensured the application’s relevance. The Response Assistant automates, manages and makes repeatable the process of responding to RFIs or RFPs for Healthcare and HR services vendors. "RFIs and RFPs are a costly, time consuming process for healthcare vendors, and those overhead costs get passed along to the company making the request," said Suzanne Paranjpe, senior vice president of strategy at the National Business Coalition on Health, a consortium of 90 employer-led coalitions across the US that are dedicated to market-based healthcare reform. "IE-Engine's Response Assistant allows the healthcare vendor to maximize its resources for responding to such requests, reducing the overhead costs and increasing the quality of responses. This allows the vendor to provide a better response at a lower cost." HR services vendors spend significant dollars competing for business through traditional RFI/RFP processes. Industry experts estimate that a vendor will spend tens of thousands of dollars to complete a large corporate RFP, with the cost of an RFI even higher. These costs can be boosted when the process is inefficient, when the vendor can’t maximize its internal resources, or when there are errors or inaccuracies in the process or proposal. IE-Engine reduces these costs by enabling vendors to automate their responses through the Response Assistant. IE-Engine’s Response Assistant completely manages the workflow, process and data involved with RFP and RFI questionnaires and responses. This approach to RFP/RFI response has many advantages: • Easy to involve multiple people on the same proposal, maximizing internal resources and decreasing cycle time • Ensures subject matter experts are utilized in the most efficient manner possible • Reduces redundancy errors IE-Engine, Inc. • 1601 Trapelo Rd • Suite 328 • Waltham, MA 02451 Tel: 800.979.9351 • Fax: 781.697.2881 email@example.com • www.ie-engine.com Human Resource Cost Management NEWS • Ensures accuracy • Makes the process repeatable IE-Engine’s Response Assistant uses open technology standards that can be used to respond to any electronic RFI or RFP. “Cost management in human resources is a problem that needs to be solved on both sides of the table,” said Brent Bannerman, co-founder and VP of business development for IE-Engine. “In addition to the cost savings and process efficiencies we’re bringing to the Global 1000, the Response Assistant empowers HR services vendors with the ability to streamline operations, save money and pass those savings on to the customer.” About IE-Engine IE-Engine Inc. (www.IE-Engine.com) is the leading developer of Human Resource Cost Management (HRCM) software. The Company's Web-based applications enable HR decision makers at Global 1000 organizations to make better strategic decisions, reduce costs and increase the quality of employee benefits, particularly healthcare. With a growing network of more than 240 healthcare and HR service providers, IE-Engine helps large organizations such as ABB, Dow Chemical, Ford, Lucent and Staples to automate the entire benefits lifecycle through plan management, renewals, negotiation, carrier performance tracking and cost management. Founded in 1999 and headquartered in Waltham, Mass., IE-Engine is a privately-held company backed by Kodiak Venture Partners, Adams, Harkness & Hill, and Toronto-based RBC Capital Partners, the venture capital unit of Royal Bank of Canada. IE-Engine, Inc. • 1601 Trapelo Rd • Suite 328 • Waltham, MA 02451 Tel: 800.979.9351 • Fax: 781.697.2881 firstname.lastname@example.org • www.ie-engine.com
"Response Assistant Proposal"